Loan consolidation is the act of combining multiple loan plans
into one. That is, instead of sending cheques to several lenders
every single month, you will pay just to one entity. It's a
no-brainer to see that this is less work than several. But as
you were always told, there is no such thing as a ''free
lunch''.

Other than simplifying this rather annoying process, the
interest rate on your single consolidated loan may be even lower
than the rates you are paying now. Simply put, you might even be
saving yourself money. With some plans, it is even possible to
adjust the amount of money paid back by your monthly pay; pay
less when studying, pay more once you find a good job.

Get it straight, everybody wants a cut from your cheque. It is
in everybody's interest to get your loans transferred to them or
consolidated by their firm. Your current loan provider might
offer the best deal of the lot, so do not neglect to investigate
that option. If you have more than one Federal Loan, it is
highly advisable to check out the Federal Direct Consolidation
Loans, as they offer a long grace period (time before repayments
begin), and repayment plans for up to 30 years. In some states,
it is possible to apply for a State Student Consolidation Loan
which are subsidized by the state. Since not all states provide
such facility, you will have to check this on your own.

Links: The Internet is loaded with loan consolidation
information and services. A simple search query can bring up a
list of loan provider, each with its tools to help you get the
best rates. Never settle for the first plan you see, regardless
of how attractive it may look. Remember that when considering
the amount of money being paid back, even a tenth of a percent
can yield huge savings on your side.

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